CAMBRIDGE UNIVERSITY STUDENTS’ UNION …s3-eu-west-1.amazonaws.com/nusdigital/document/documents/24496/75...CAMBRIDGE UNIVERSITY STUDENTS’ UNION Report and Financial Statements

Registered Charity Number 288365

CAMBRIDGE UNIVERSITY STUDENTS’ UNION

Report and Financial Statements

For the year ended30 June 2015

CAMBRIDGE UNIVERSITY STUDENTS' UNION

REPORT AND FINANCIAL STATEMENTS 2015

CONTENTS Page

Legal and administrative information 1 - 2

Report of the Trustees 3 - 4

Trustee’s Report 5 - 10

Independent auditors' report 11 - 12

Statement of financial activities 13

Income and expenditure account 14

Balance sheet 15

Notes to the financial statements 16 - 23


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REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

LEGAL AND ADMINISTRATIVE INFORMATION

TRUSTEES OF THE UNION

Adam Thelwall, Student MemberFelicity Osborn (Resigned 14 July 2014)Sam Ruiz (Resigned 14 July 2014)Jia Hui Lee (Resigned 14 July 2014)Lauren Steele (Resigned 14 July 2014)Robert Cashman, Student MemberAlex Bols, External Member Gareth Marlow, External MemberHelen Hoogewerf-McComb (Resigned 14 July 2015)Rob Richardson (Resigned 14 July 2015)Amelia Horgan (Resigned 14 July 2015)Helena Blair (Resigned 14 July 2015)Priscilla Mensah (Appointed 15 July 2015)Charlotte Chorley (Appointed 15 July 2015)William Marks (Appointed 26 October 2015)Jonathan Wall (Appointed 26 October 2015)

REGISTERED CHARITY NUMBER

288365

PRINCIPAL OFFICE

17 Mill LaneCambridge CB2 1RX

BANKERS

NatWest Bank Plc23 Market StreetCambridge CB2 3PU

Ecology Building Society7 Belton RoadSilsdenKeighleyWest YorkshireBD20 0EE

The Co-operative Bank PlcPO BOX 250SkelmersdaleWN8 6WT


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REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2015

LEGAL AND ADMINISTRATIVE INFORMATION (continued)

SOLICITORS

Taylor VintersMerlin PlaceMilton RoadCambridge CB4 0DP

AUDITORS

Price Bailey LLPChartered Accountants and Statutory AuditorsTennyson HouseCambridge Business ParkCambridgeCB4 0WZ


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REPORT OF THE TRUSTEES

The Trustees present their report along with the Financial Statements of the charity for the year ended 30 June 2015. The Financial Statements have been prepared in accordance with the accounting policies set out in note 1 to the Financial Statements and comply with the requirements of the Statement of Recommended Practice (SORP) 'Accounting and Reporting by Charities' issued in 2005.

Objectives of the charity

The objectives of the charity are:

1) To advance the education of its members;

2) To provide in the interests of the social welfare of its members facilities for recreation or other leisure-time activity, being facilities;

a) which will improve their conditions of life by enabling or assisting them to participate in the intellectual, social and other activities of or connected with the University:

b) of which they have need by reason of their being students;

3) To promote equal opportunity for access to Cambridge and its affiliated institutions for all applicants, and furthermore to encourage greater access to the University for applicants from backgrounds under represented in the University;

4) In furtherance of the objects specified above, to act as a channel of communication between its members and Cambridge University and other bodies.

The charity is governed by the constitution adopted on 24 November 1983 and subsequently amended in March 1984, May 1992, March 2004, March 2009 and May 2012. The Trustees meet regularly, decisions are taken primarily on consensus, when necessary decisions may be taken on a majority vote, with each Trustee having one vote. The Chair may cast a deciding vote in the case of any tie.

Organisation

The officers who served during the year and since the year end are set out on page 1. Officers are elected by the members of Cambridge University Students’ Union (CUSU) and serve a maximum of two years. They require annual election to their post, serving from 15 July each year to the following year (14 July). A review of performance for the year is set out in the Trustee’s Annual Report.

Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role. Specific training will be conducted as part of Trustee meetings where appropriate.

Reserves policy

It is the policy of the charity to maintain unrestricted funds, which are the free reserves of the charity, at a level which equates to approximately six months unrestricted expenditure. This provides sufficient funds to cover management and administration and support costs. Unrestricted funds were maintained at this level throughout the year.

Risk management

The Trustees actively review the major risks which the charity faces on a regular basis and believe that maintaining our reserves at the level stated above, combined with our annual review of the controls over key financial systems will provide sufficient resources in the event of adverse conditions. The Trustees have also examined other operational and business risks which we face and confirm that we have established systems to mitigate the significant risks.


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Public benefit

The Trustees confirm they have given due consideration to the Charity Commission guidance on public benefit in forming their future plans.

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the Charities SORP;

make judgements and estimates that are reasonable and prudent;

state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008 and the Union Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board of Trustees on and signed on behalf of the Board.

………………………………..Priscilla MensahTrustee


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TRUSTEE’S ANNUAL REPORT

Overview of Organisational Review 2014-15

The 2014-15 year continued to take forward CUSU’s Strategic Plan 2014-17 and develop the organisation’s ability to support member-led culture and aims. Key activities included the developing of CUSU’s communications and member-support infrastructure, with the year’s core campaign being to ensure student engagement – of student and educational issues - in the General Election 2015. The organisation continues to operate in compliance with governance responsibilities and operate in good financial health.

Key Activities

General Election 2015

The 2015 General Election became a key focus of the charity for the year, primarily in engaging students as voters in their local community and raising students’ awareness of educational issues. The resulting vote suggested students were well-represented in Cambridge with the student-body being cited as influential in the City and a tight election race, showing diversity of views and strong debate.

CUSU elected officers promoted voter registration by giving talks to College committees informing them about changes to the system that might have prevented many students from voting, and giving guidance on how international students could register to vote and advising on how colleges could be informing their students about the process. The aim of this action was to ensure that the maximum number of students were registered to vote and would not miss out on their opportunity to engage in local and national democracy.

A one-day event for students, Campaigning Cambridge, was held in January and attracted student societies with political, charitable or campaigning aims come together ahead of the General Election to promote and recruit students to engage with relevant issues regarding students. Parliamentary Candidates from all standing parties were invited, as well as charities and local authority promoting voter registration. Debates were held throughout the day and consultation on prominent educational issues were sought to direct the work of the officers in the run-up to the election.

As part of a nationwide effort from the Coalition Government and the Electoral Commission to address low registrations from students, CUSU were successful in a bid for funding from the Cabinet Office, via the National Union of Students (NUS), to promote voter registration among its members. The project, Vote Race, saw CUSU attend the Cambridge vs. Oxford Boat Race to raise awareness of voter registration. 10,000 paper boats containing voter registration details were distributed among colleges and attendees of the Boat Race. In addition, two Vote Race ambassadors were placed in each college promoting voter registration on the busy arrivals weekend.

CUSU Freshers' Fair

The Fresher's Fair is the largest event CUSU holds, bringing together student-run clubs and societies as well as University departments, external partners and charities all in one place. The event runs over two days and serves to introduce new and returning students at the beginning of the academic year to all that Cambridge University has to offer. Further attractions are welcomed to ensure that the event is a warm welcome to Cambridge for example external partners are encouraged to give freebies to students. The event ensures that students are exposed to and have an opportunity to engage with, student groups, representative structures and services throughout the university that are beneficial to their social lives and wellbeing.


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TRUSTEE’S ANNUAL REPORT (continued)

CUSU Freshers' Fair (continued)

In 2014 CUSU added a marquee and a Bike Park to the event. The addition of a marquee ensured it possible to invite all 800+ groups of the University, plus other stakeholders, to the event and provided a safer, more comfortable experience for members. The marquee contributed to a ‘festival-like’ atmosphere created by live music areas and leisure activities available to students. In addition to the Fair, an after-party was provided for students and groups attending the Fair and aimed to provide a non-Collegiate social event for those unable to participate in College-specific welcome events. The Bike Park, which aimed to promote safe cycling advice, equipment and initiatives. Furthermore, a wide array of bikes for purchasing were offered, ensuring students received value-for-money on bikes, cycle equipment and servicing, and new students were encouraged to join much of the City in cheap and healthy means of transport whilst ensuring that students are safe. In addition to a range of bicycle providers and community safety stands at the Park, disability bicycles were showcased to members who were also able to try-out bicycles in a ‘testing’ area.

Reclaim the Night

Reclaim the Night is an annual march to raise awareness of street harassment, gender oppression, and sexual violence experienced by, and existing within, the student body at Cambridge. The march forms part of wider work by the Union to make Cambridge a safer more welcoming place for women and to draw attention to issues of gender inequality and violence. The event is part of a national movement and in Cambridge is organised by CUSU’s Women’s campaign in collaboration with the Anglia Ruskin University (ARU) Feminist society, Anglia Ruskin Students’ Union and Hills Road [Sixth Form] Feminist society. As well as the main march for self-defining women, non-binary people and others facing misogyny there was also a solidarity march for men. The march took place in March 2015. The event included a vigil featuring poetry, talks, art and more and attracted hundreds of people.

Representation and Member Involvement

CUSU conference

CUSU Conference is a day of training for elected student representatives throughout the university. CUSU staff and officers provide training and workshops as well as inviting key speakers to deliver plenaries (such as the elected leadership of NUS). 2014-15 was the second year of the conference. Workshops and plenaries supported students to be effective in their voluntary roles as representatives across Collegiate Cambridge with the aim of developing student representatives to be constructive and progressive partners in the Collegiate University educational experience of themselves and their peers.

The Big Cambridge Survey

2014-15 saw the launch of an annual ‘student experience’ survey, the Big Cambridge Survey. The survey attracted over 2,000 responses and offered important findings to aid member work in the year ahead. The survey rated aspects of the student experience highlighting areas University stakeholders may consider addressing. The survey helped CUSU to understand the important issues of its members and provided the organisation with evidence to campaign for change on a range of topics, from the cost of rent to the amount of supervision students receive. Member feedback also endorsed much of the Union’s work for the year, such as that referenced in this report.


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The Big Cambridge Survey (continued)

For example, two popular campaigns endorsed by CUSU included the ‘Whose University?’ campaign to prioritise student use of accommodation and facilities throughout their study period, and the ‘Week Five Blues’ campaign, which proposed a reading week for Cambridge students to assist students manage workload and health. Key member concerns included educational debt and cost of living concerns of students, a lack of awareness of representational avenues to raise concerns, and wide-spread concerns regarding accessibility across the Collegiate institution, incorporating equality and diversity issues. Students with disabilities and black students in particular felt disaffected in many aspects of the Cambridge experience, and 43% of all respondents cited their educational experience as having a negative impact upon their mental health.

Student led teaching awards

The student-led teaching awards provided students with the opportunity to pay tribute to members of the Cambridge University teaching and non-teaching staff who have made a valuable contribution to their student experience. The 2015 awards saw 265 nominations from students who submitted testimonies on why their chosen staff member should win. Nominees included lecturers, supervisors, tutors, chaplains, librarians, custodians and many more. The winners were judged by a panel of students. Students nominating and judging reflected on good quality teaching, supervision and pastoral support in and therefore the activity empowered members to take a constructive role in their own teaching and learning, as well as advance a community of practice of reputable teaching at the institution.

Student Democracy

CUSU engaged students in a successful elections period, with 29 nominations received for a range of peer-leadership roles, including the six full-time officer roles of the union, and those of the Graduate Union, senior University committees and Cambridge’s delegation to NUS’ annual policy-setting conference. Organisational effort to increase turnout, supported by staff, officers and member volunteers, raised high awareness of the elections and those students standing, which resulted in 21% turnout and over 16,000 votes placed and represented a 50% increase in member turnout from 2014.

Member involvement in CUSU’s campaigns and representative structures was a key focus for the year. The year saw increased participation in the Union’s primary democratic forum, CUSU Council; refreshments were provided for regular Council meetings and staff attended to help coordinate proceedings. The Council also amended the Standing Orders of the Union to restructure the Part-Time Executive positions creating specific representative roles for Part-Time, Mature and Student Parents; and introduced a participatory budget system for 2015-16 to facilitate more responsive member-led campaigns to be initiated through the year.

CUSU provided support and training throughout the year to support elected representatives across the Collegiate University, including Department-, School- and Faculty-level reps, who speak on behalf of students on level-specific academic issues. CUSU continued its work to raise awareness of Faculty Reps by providing guidance and communications materials to Departments, promoting the elections and hosting the voting process on its website; turnout measured at 16% of the student population, in comparison with 5% in previous years. The election of faculty representatives gave students throughout the year an opportunity to influence their learning and shape their curriculum. CUSU’s role in developing and supporting Faculty Rep elections also helps the University understand what is important to students in terms of academic goals and aspirations.


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Access and Equality of Opportunity at Cambridge

The diversity of Cambridge’s student body is central to CUSU’s purpose. CUSU has for many years received University funding to support its Widening Participation outreach work from the University’s Widening Participation Project Fund. Launching with a new website in October 2014 and supported by the Fund, a rejuvenated Target Schools campaign sent tens of current students back to high-schools or colleges in their home towns to talk to pupils about university. Since 2013-14 there have been nearly 300 student volunteers for the scheme with 71 students recording details of their visit on the website. Students spoke about the application process, what life is like as a student and why pupils might like to apply to Cambridge. The aim of the initiate is to give pupils the chance to ask university students about their lives and thereby to break down myths and stereotypes about Cambridge. Schools in disadvantaged areas or with high levels of pupil premium were particularly targeted by this scheme, supported by web platform functions to highlight priority areas.

The Funds also supported CUSU’s flagship Shadowing Scheme, which welcomed 420 sixth-form-age pupils to Cambridge to shadow a current student for three days as they go about their studies and attend CUSU-organised social activities. The scheme targeted teenagers from families with no tradition of attending university or those from disadvantaged backgrounds, and aimed to broaden the demographic intake of Cambridge University. In 2014-15 the Scheme welcomed, for the first time, potential mature students on a specific programme designed to their needs.

In 2014 CUSU were successful in proposing for increased grant funds, worth £100k over three years, to continue development of its Widening Participation portfolio.

CUSU also continued to develop its policy work in 2014-15, completing two research projects to underpin existing and future work:

A consultation and ensuing committee paper on the value of the University’s Access to Learning Fund, which provided short-notice grants to students in imperative financial-need, contributed to the retention of the fund and the increased access of the fund for future applicants.

A ‘first generation’ survey explored the experiences of students from families unfamiliar with university. The research supported the union’s policy development in Widening Participation and has initiated plans to establish peer-networks for students from different backgrounds and areas.

Continuing work from 2013-14 in response to the Government’s removal of the AS Level qualification, which required admissions procedures to change at Cambridge and puts at risk the accessibility to the institution of applicants from any background, the Union contributed heavily to the University’s revised admissions protocol. The main aim of CUSU’s work was to make sure that any new Cambridge admissions system was fair and open for all. Student feedback presented to the University, alongside lobbying activities throughout the Collegiate University, helped the Union have an influential role in limiting the quantity and length of assessments to be introduced for future applicants; ensured widening participation featured in every discussion; and ensured the involvement of elected College Access representatives in annual reviews at a College-level.

Organisational development

The Union continued to integrate a higher number of staff into the organisation to better support the Union’s membership-focused functions and elected officer priorities. The Union and the Graduate Union contributed match funding to increase capacity in the Student Advice Service (now Students’ Unions’ Advice Service). Alongside the Advice Service team of advisors, a new team-based structure introduced a communications role to the charity within a Membership Team to support member-focussed activities, and an enhanced Business Team supported increased income-generation and began developing longer-term plans for student services.


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Organisational development (continued)

In-line with goals of CUSU’s 2014-17 Strategic Plan, CUSU invested in its organisational culture. A first workforce survey recognised consistent values across the workforce, committed to equality and diversity with a strong sense of purpose; positive relationships with managers that were participative and supportive; and positive engagement and satisfaction with employee’s roles andthe organisation more generally. Areas for development included pay and reward; behaviour and communication across teams; and more support for workload pressures. Development areas from the survey were to be addressed in-year: the organisation was successful in its grant bid to the University to raise non-manager pay across staff and elected officers, and improve the training and development opportunities available to team members. A new Employee Handbook introduced up-to-date policies and procedures that met with wide approval from the workforce.

Communications Development

Responding to historic under-development in the charity’s communications capacity, a rebrand took place in the 2014-15 year. The launch of the new branding coincided with a new web platform for the Union, developed and launched in the year, providing new ways for members to interact with their Union. The aim of the new site was to make it more accessible and engaging. Functionality on the new platform allows students to organise groups, manage memberships and sell tickets. In addition to this investment, targeted work on social media saw an increase in social media reach by over 200% over the year.

Financial Review

The organisation continues to adjust to reduced opportunities to generate revenue in-line with the charity’s purpose, such as charitable primary-purpose trading, where there are fewer options compared to other students’ unions. CUSU experiences a challenging funding environment for a students’ union having a significant proportion of its unrestricted income funded by affiliation fees from member college committees.

The Students’ Union’s main sources of income are University grants (restricted and unrestricted), fundraising (member promotions and services), publications, affiliation fees and project funds.

CUSU’s Strategic Plan 2014-17 sought to diversify its income streams by becoming less reliant on membership fundraising and increasing the proportion of grant funds it received from the University of Cambridge. The presented accounts represent the first eighteen months of the strategic plan and show a 23% increase in University funds as a proportion of overall income (since targets were set), alongside a 25% increase in other grants, 27% decrease in affiliation fees and 11% decrease in publishing contracts. Overall income grew 9% on last year, and represented a 26% increase over three years. The 2014-15 year witnessed a 17% increase in funds from University sources and 13% increase in fundraising on the previous year.

There is significant pressure on the Union’s fundraising capacity, as with many in the voluntary and charitable sector. The Union experienced a 13% fall in net fundraised income from 2013-14 yet overall income grew 9%, and will rise again in 2015-16 with increased grant funds. Overall CUSU has experienced a 6% fall over the past five years in its net membership fund generation, however the Union has sought to generate more 'member value' from fundraising activities so bolster the Union’s reputation for core purpose activity. Income over this time has risen 24% for example, and growth in expenditure has allowed services to improve, such as communications, minibus, bike accessories - all of which are in their infancy or going through considerable development.


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Financial Review (continued)

CUSU’s primary activities are to represent students and provide services and opportunities for students to interact with and engage in, be they of a social nature or a transaction basis, such as sexual health and safety products. Overall expenditure grew 13% on last year, and represented a 33% increase in three years. Increased areas of spending tally with the increased income within the organisation and reflect the priorities of the organisation in bolstering its core activities, such as increased staff support in CUSU’s membership support (23% on last year) and increased expenditure on membership activities (28% on 2013/14). The percentage growth figures show key areas of investment, with 40-60% increases in staffing support, membership activities and the Students' Union Advice Service, and in fundraising, which supports the organisation’s charitable advancement.

Despite pressure to economise across the University community and a suggestion the union should focus more on ‘core purpose’, the students’ union considers itself to have developed a strong model for supporting its charitable and representative work. Having grown to accommodate better support for its elected officers and to improve the visibility of the students’ union across the Collegiate University, the account of the Union’s advancement in 2014-15 is testament to this support structure.

The accounts show the Union experienced its first year-end loss in four years of £4,498representing 0.60% of turnover and depleting 1.3% of CUSU’s held reserves to £341,339. In continuing efforts to establish a more stable funding environment for CUSU to operate, CUSU bid for additional funds in 2014/15 for the 2015/16 year, being successful in receiving increased investment for the Students’ Unions Advice Service, following CUSU’s own investment, and replacement funds for a publication the Union no longer sought in-line with its strategic aims. The University also provided unrestricted funding to CUSU so it may review and improve how it supports its staff and officers during their employment at CUSU.

Beyond 2015

In 2016 the Strategic Plan is nearing its final year and the forthcoming six months will see the Union begin consultation on a new strategic plan. The current period has seen the Union better-establish itself within the University community in a relatively short period of time, and the Union has much to do to improve its communications and simplify its governance. Importantly, the three years of the Plan have seen impactful changes in how students and their representatives are initiating positive change within the Collegiate University community on behalf of their peers and such provides an exciting time to be planning for CUSU’s next long-term focus.

The 2015-16 year has seen the Union relocate to larger premises, sharing with the Graduate Union and begin plans for closer collaborative working. Communications are reaching wider audiences than ever before, and turnout and interest in CUSU’s democratic activities seem consistently high. The University has also been supportive of means to improve the Union’s ability to communicate and engage, by providing support and endorsements for the Union’s aims. Key activities for the forthcoming eighteen months will be to continue exploring alternative funding streams to printed publications and affiliation fees; to establish the Union space as a student-owned serviced space; and to revise the Union’s governing documents so they can better facilitate student representation as the union continues to develop.

………………………………..Mark McCormackGeneral Manager


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INDEPENDENT AUDITORS’ REPORTTO THE TRUSTEES OF CAMBRIDGE UNIVERSITY STUDENTS’ UNION

We have audited the financial statements of Cambridge University Students’ Union for the year ended 30 June 2015 which comprise the Statement of Financial Activities, the Income and Expenditure Account, the Balance Sheet and the related notes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom AccountingStandards (United Kingdom Generally Accepted Accounting Practice).

This report is made solely to the charity’s trustees, as a body, in accordance with regulations made under section 154 the Charities Act 2011. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Respective responsibilities of trustees and auditor

As explained more fully in the Trustees’ Responsibilities Statement set out on page 4, the trustees are responsible for the preparation of financial statements which give a true and fair view.

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board’s Ethical Standards for Auditors.

Scope of audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the charity’s circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and overall presentation of the financial statements. In addition, we read all the financial and non-financial information in the Trustees’ Annual Report to identify material inconsistencies with the audited financial statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Opinion

In our opinion the financial statements:

give a true and fair view of the state of the charity’s affairs as at 30 June 2015, and of its incoming resources and application of resources, for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Charities Act 2011.

DRAFT


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INDEPENDENT AUDITORS’ REPORTTO THE TRUSTEES OF CAMBRIDGE UNIVERSITY STUDENTS’ UNION (continued)

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to report to you if, in our opinion:

the information given in the Trustees’ Annual Report is inconsistent in any material respect with the financial statements; or

sufficient accounting records have not been kept; or

the financial statements are not in agreement with the accounting records and returns; or

we have not received all the information and explanations we require for our audit.

Paul Cullen FCCA (Senior Statutory Auditor)

For and on behalf ofPRICE BAILEY LLP

Chartered AccountantsStatutory Auditors

Tennyson HouseCambridge Business ParkCambridgeCB4 0WZ

Dated:

Price Bailey LLP is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.DRAFT


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STATEMENT OF FINANCIAL ACTIVITIESYear ended 30 June 2015

Unrestricted Restricted Total TotalFunds Funds Funds Funds

2015 2015 2015 2014Note £ £ £ £

INCOMING RESOURCESIncoming resources from generatedfunds:

Voluntary income 3 350,331 - 350,331 295,655Activities for generating funds

Society promotions 6 88,946 - 88,946 67,778Publications 7 130,835 - 130,835 182,282Member services 8 88,730 - 88,730 70,108

Investment income 5 1,579 - 1,579 1,111Incoming resources from charitable activities 4 - 92,090 92,090 79,909

────── ────── ────── ──────Total incoming resources 660,421 92,090 752,511 696,843

────── ────── ────── ──────

RESOURCES EXPENDEDCost of generating funds

Fundraising trading: cost of goods sold 10 248,535 - 248,535 184,605

Charitable activities 9 362,297 94,263 456,560 421,224Governance costs 11 51,914 - 51,914 63,058

────── ────── ────── ──────Total resources expended 662,746 94,263 757,009 668,887

────── ────── ────── ──────

Net incoming / (outgoing) resources (2,325) (2,173) (4,498) 27,956

Funds brought forward 343,664 2,173 345,837 317,881────── ────── ────── ──────

Funds carried forward 341,339 - 341,339 345,837══════ ══════ ══════ ══════

The income and expenditure account on page 14 provides further detail of incoming resources and resources expended.

The charity has no recognised gains or losses other than the above net movement in funds for the year.

All results derive from continuing operations.


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INCOME AND EXPENDITURE ACCOUNTYear ended 30 June 2015

Unrestricted Restricted TotalFunds Funds Funds

2015 2015 2015 2014£ £ £ £

INCOME

Donated staffing 83,546 - 83,546 66,350

Donated cost of premises 86,000 - 86,000 86,000

Reprographics 3,979 - 3,979 3,369

Mail service 24,262 - 24,262 19,906

Reception and member services 47,198 - 47,198 31,829

CUSU formal event - - - 3,256

Careers handbook 78,246 - 78,246 81,555

TCS Newspaper and website 32,672 - 32,672 33,853

Other annual publications 60,862 - 60,862 66,875

Student advice service - 57,689 57,689 51,372

Core activities (inc affiliations) 236,177 34,401 270,578 244,381

Autonomous campaigns 5,245 - 5,245 6,571

Bank interest and administration 2,234 - 2,234 1,526

────── ────── ────── ──────Total income 660,421 92,090 752,511 696,843

────── ────── ────── ──────

EXPENDITURE

Finance and administration 36,190 - 36,190 31,411

Insurance and legal 7,246 - 7,246 11,295

Staffing 323,026 82,856 405,882 370,473

Cost of premises 86,000 - 86,000 86,000

Reprographics 11,405 - 11,405 8,669

Mail service 17,470 - 17,470 12,140

Reception and member services 29,896 - 29,896 17,606

CUSU formal event - - - 4,000

Careers handbook 16 - 16 2,454

TCS Newspaper and website 21,534 - 21,534 21,239

Other annual publications 28,155 - 28,155 11,527

Student advice service 3,340 - 3,340 3,681

Core activities (inc affiliations) 88,004 11,407 99,411 79,188

Autonomous campaigns 10,464 - 10,464 9,204

────── ────── ────── ──────TOTAL EXPENDITURE 662,746 94,263 757,009 668,887

────── ────── ────── ──────

(Deficit) / Surplus from operating activities (2,325) (2,173) (4,498) 27,956

Total funds brought forward 343,664 2,173 345,837 317,881

────── ────── ────── ──────Total funds carried forward 341,339 - 341,339 345,837

══════ ══════ ══════ ══════


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BALANCE SHEETAs at 30 June 2015

Note 2015 2014£ £ £ £

FIXED ASSETSTangible assets 14 3,494 3,715

CURRENT ASSETSStocks 805 1,093Debtors 15 184,931 143,257Cash in hand 357 212Cash at bank

Current account 500 500Deposit account 154,749 203,770Building society account 28,000 28,000

────── ──────369,342 376,832

CREDITORS: amounts falling due within one year 16 (31,497) (34,710)

────── ──────

NET CURRENT ASSETS 337,845 342,122────── ──────

NET ASSETS 341,339 345,837══════ ══════

REPRESENTED BYRestricted funds 17 - 2,173General fund 18 341,339 343,664

────── ──────

341,339 345,837══════ ══════

These Financial Statements were approved by the Trustees on and signed on its behalf by

………………………………………..Priscilla MensahTrustee


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NOTES TO THE FINANCIAL STATEMENTSYear ended 30 June 2015

1. ACCOUNTING POLICIES

The Financial Statements are prepared under the historical cost convention and in accordance with applicable United Kingdom accounting standards. In preparing the Financial Statements the charity follows best practice as set out in the Statement of Recommended Practice March 2005 'Accounting by Charities' and the Charities Act 2011. The particular accounting policies adopted by the Trustees are described below:

Taxation

The Union is a registered charity, number 288365. For tax purposes the Union has charitable status under schedule 6 of the Finance Act 2010. All the income, including investment income, of the Union is exempt from tax, provided that the Union continues to meet the requirements of schedule 6.

Incoming resources

Affiliation fees are invoiced in advance for the academic year to 30 June 2015, which is coterminous with the financial year. Donated services are accounted for at their cost or estimate of its cost / market value as provided by the University of Cambridge.

Voluntary income is received by way of grants and donations and is included in full in the statement of financial activities.

All other income is invoiced after completion of the event and is included on an accruals basis.

Resources expended

Expenditure is accounted for net of value added tax on an accruals basis. Input tax incurred which cannot be reclaimed is included as a cost.

Costs of generating funds comprise the costs associated with attracting voluntary income and the costs of commercial activities of the charity.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries.

Governance costs include those costs associated with meeting the constitutional and statutory requirements of the charity.

Support costs are those costs incurred directly in support of expenditure on the objects of the Charity. These costs are allocated to Charitable Activities, Cost of Generating Funds and Governance on the basis of per capita cost of personnel and approximate proportion of expenditure.

Tangible fixed assets and depreciation

Depreciation is provided by the Union to write off the cost less the estimated residual value of tangible fixed assets by equal instalments over their estimated useful economic lives as follows:

Equipment is depreciated on a straight line basis between 2 and 3 years.

Stocks

Stocks comprise contraceptives, cycle lights and alarms and are stated at the lower of cost and net realisable value.


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NOTES TO THE FINANCIAL STATEMENTS (continued)Year ended 30 June 2015

Pension

The charity contributes to personal pension plans for some of its employees. The costs of contributions are written off against the surplus in the year they are payable.

Cash flow statement

The Trustees have taken advantage of the exemption in Financial Reporting Standard No.1 (revised) from including a cash flow statement in the Financial Statements on the grounds that the charity is small.

2. NET INCOMING RESOURCES FOR THE YEAR

2015 2014£ £

Net incoming resources for the year isstated after charging:Depreciation of owned assets 4,702 3,955Auditors' remuneration fees 4,800 4,800

══════ ══════

3. VOLUNTARY INCOME

2015 2014£ £

Donated Services: Contribution to salaries 83,547 66,350 Contribution to rent 62,700 62,700 Contribution to rates and services 23,300 23,300

────── ──────169,547 152,350

Other: Donations 700 1,420 University grants / contributions 82,351 40,976 Affiliation fees 97,733 100,909 ────── ──────

180,784 143,305────── ──────

Total voluntary income 350,331 295,655══════ ══════


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4. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES

2015 2014£ £

Student advice service 57,689 51,372Access scheme 24,401 20,000Vote campaign (Electoral registration project) 10,000 -Societies syndicate - 7,147Other grants - 1,390

────── ──────92,090 79,909

══════ ══════

5. INVESTMENT INCOME2015 2014

£ £

Bank interest received 1,579 1,111══════ ══════

6. SOCIETY PROMOTIONS2015 2014

Support Surplus/ Support Surplus/Income Expenditure costs (deficit) Income Expenditure costs (deficit)

£ £ £ £ £ £ £ £

Societies fair 85,504 61,743 11,054 12,707 67,778 45,136 10,181 12,461Other student events 3,442 2,876 514 52 - - - -

────── ────── ────── ────── ────── ────── ────── ──────88,946 64,619 11,568 12,759 67,778 45,136 10,181 12,461

══════ ══════ ══════ ══════ ══════ ══════ ══════ ══════

7. PUBLICATIONS2015 2014

Support Surplus/ Support Surplus/Income Expenditure costs (deficit) Income Expenditure costs (deficit)

£ £ £ £ £ £ £ £

Externalpublications 78,246 16 4 78,226 118,787 2,453 710 115,624Internalpublications 52,589 53,624 13,457 (14,492) 63,495 40,743 11,801 10,951

────── ────── ────── ────── ────── ────── ────── ──────130,835 53,640 13,461 63,734 182,282 43,196 12,511 126,575

══════ ══════ ══════ ══════ ══════ ══════ ══════ ══════


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8. MEMBER SERVICES

2015 2014Support Surplus/ Support Surplus/

Income Expenditure costs (deficit) Income Expenditure costs (deficit)

£ £ £ £ £ £ £ £

Summer event - - - - 3,256 4,000 716 (1,460)Reprographics& binding 4,963 11,642 2,406 (9,085) 4,074 8,909 1,594 (6,429)Mail Service 24,262 17,470 3,611 3,181 19,906 12,140 2,173 5,593CUSU Membershipcards - - - - 4,500 1,604 287 2,609Sky TV 8,471 8,428 1,742 (1,699) 3,655 3,316 594 (255)NUS scheme 37,627 21,232 4,389 12,006 22,968 12,447 2,228 8,293Contraception 6,836 6,909 1,428 (1,501) 3,648 4,454 797 (1,603)Socials income 5,245 5,108 1,056 (919) 6,472 6,762 1,210 (1,500)Cycle lights 195 652 135 (592) 693 555 99 39Attack alarms 361 286 59 16 356 326 58 (28)Other 770 174 36 560 580 442 79 59Salaries - 15,318 3,166 (18,484) - 7,456 1,335 (8,791)

────── ────── ────── ────── ────── ────── ────── ──────88,730 87,219 18,028 (16,517) 70,108 62,411 11,170 (3,473)

══════ ══════ ══════ ══════ ══════ ══════ ══════ ══════

9. TOTAL RESOURCES EXPENDED

Activities Allocatedundertaken support Total Total

Note directly costs Staff 2015 2014£ £ £ £

Costs of generating funds 10 141,028 43,057 64,449 248,535 184,605

Charitable activitiesUnion affairs 10,774 45,037 276,197 332,008 297,944Academic affairs 13,394 4,493 - 17,887 23,134Priority campaigns 17,575 4,940 - 22,515 9,723Student advice service 3,340 23,018 57,793 84,150 90,423

────── ────── ────── ────── ──────45,083 77,488 333,990 456,560 421,224

Governance 11 5,750 12,264 33,900 51,914 63,058────── ────── ────── ────── ──────

191,861 132,809 432,339 757,009 668,887══════ ══════ ══════ ══════ ══════

Staff costs above include £11,972 (2014 - £7,298) of other staff related costs relating to training, staff expenses and temporary labour.


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10. COST OF GENERATING FUNDS: FUNDRAISING TRADING COSTS

Activities Allocatedundertaken support Total Total

Note directly costs 2015 2014£ £ £ £

Societies festival 6 64,619 11,568 76,187 55,317Publications 7 53,640 13,461 67,101 55,707Membership Services 8 87,219 18,028 105,247 73,581

────── ────── ────── ──────205,478 43,057 248,535 184,605

══════ ══════ ══════ ══════

11. GOVERNANCE COSTSAllocated

support Total TotalExpenditure costs 2015 2014

£ £ £ £

Wages and salaries 33,900 10,485 44,385 56,520Audit and accountancy 5,750 1,779 7,529 6,538

────── ────── ────── ──────39,650 12,264 51,914 63,058

══════ ══════ ══════ ══════

12. SUPPORT COSTS 2015 2014

£ £

Rent 62,700 62,700Rates and services 23,300 23,300Insurance 3,435 2,712Repairs and maintenance 469 2,915Computer supplies 2,722 4,182Cleaning 2,334 2,288Keys - 88Postage 882 2,235Stationery 514 614Telephone 4,639 4,718Bad debts 3,953 3,491Bank charges 770 1,030Kitchen supplies 906 1,010Miscellaneous 2,279 2,773Website development 13,792 3,984Training 1,601 2,583Legal costs 3,811 8,584Depreciation 4,702 3,945Recruitment - 7

────── ──────132,809 133,159

══════ ══════


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13. STAFF COSTS2015 2014

No NoAverage number of persons employed:Sabbatical and admin staff 11 10Business manager 1 1Mail distributor / Contractor 1 1Advice Officer 2 2General manager 1 1

────── ──────16 15

══════ ══════

£ £Staff costs during the year:Wages and salaries 379,615 336,491Social security costs 25,764 21,602Pension costs 14,988 12,380

────── ──────420,367 370,473

══════ ══════

No employee received remuneration of more than £60,000 per annum in either year. All of the employees’ remuneration falls within £10,000 to £60,000 per annum. Included within the staff figures above is a contribution from University of Cambridge towards salary costs amounting to £83,547 (2014: £66,350).

Four out of six sabbatical staff members also acted as Trustees of the Union during the year. These staff members are therefore considered related parties to the Union, and therefore the remuneration paid to these Trustees is detailed on note 19. Reimbursement of charity expenses paid to Trustees amounted to £908 (2014: £2,996).

14. TANGIBLE FIXED ASSETSFurniture and

equipment£

CostAt 1 July 2014 48,933Additions 4,481Disposals

──────At 30 June 2015 53,414

──────Depreciation At 1 July 2014 45,218Charge for the year 4,702On Disposals

──────At 30 June 2015 49,920

──────Net book valueAt 30 June 2015 3,494

══════

At 30 June 2014 3,715══════


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15. DEBTORS 2015 2014

£ £

Amounts falling due within one year:Trade debtors 181,708 133,827Prepayments and accrued income 1,172 -Other debtors 2,051 9,430

────── ──────184,931 143,257

══════ ══════

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR2015 2014

£ £

Trade creditors 18,328 28,658Accruals and deferred income 13,169 6,052

────── ──────31,497 34,710

══════ ══════DEFERRED INCOMEDeferred income as at 1 July 2014 -Resources deferred during the year 7,618Amounts released from previous years -

──────Deferred income at 30 June 2015 7,618

══════

Deferred income relates to receipts received in advance for the 2015 societies festival.

17. RESTRICTED FUNDS

The funds of the charity include restricted funds comprising the following unexpended balances of grants held on trust to be applied for specific purposes.

Balance at Movements in funds Balance at1 July 2014 Incoming Outgoing 30 June 2015

£ £ £ £

Ethical affairs 285 - (285) -

Student syndicate 1,888 (1,888) -

Student advice service - 57,689 (57,689) -

Access scheme - 24,401 (24,401) -Vote campaign (Electoral registration project) - 10,000 (10,000) -

────── ────── ────── ──────2,173 92,090 (94,263) -

══════ ══════ ══════ ══════


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17. RESTRICTED FUNDS CONTINUED

The Ethical affairs fund relates to restricted funding for sustainability and biodiversity initiatives for students in Cambridge.

The student syndicate, student advice service and access scheme funds relate to restricted income which is received by the charity for use on these designated activities. The income is used as a contribution towards salary costs.

The vote campaign (electoral registration project) fund relates to restricted income received to promote students registering to vote in the general election held in 2015.

18. GENERAL FUND

£

At beginning of the year 343,664

Net movement for the year (2,325)──────

At end of the year 341,339══════

19. RELATED PARTY TRANSACTIONS

During the year the following payments were made by the Union to Trustees of the Union as remuneration for their services as Sabbatical Officers.

2015 2014£ £

Sam Ruiz 627 17,311Lauren Steele 627 17,311Felicity Osborn 627 17,311Jia Hui Lee 627 17,311Rob Richardson 17,657 -Amelia Horgan 17,657 -Helena Blair 17,657 -Helen Hoogewerf-McComb 17,657 -

────── ──────73,136 69,244

══════ ══════

Documents

CAMBRIDGE UNIVERSITY STUDENTS’ UNION …s3-eu-west-1.amazonaws.com/nusdigital/document/documents/24496/75...CAMBRIDGE UNIVERSITY STUDENTS’ UNION Report and Financial Statements